In this episode of Founder + Funder, Hannah Dittman sits down with Alex Michaelsen, Co-Founder and CEO of Leisure Hydration, and Ryan Springer, Co-Founder and Managing Partner at Midnight, for a conversation about fundraising, founder-investor relationships, retail expansion, and what it takes to build a next-generation beverage brand.
Leisure Hydration was founded by brothers Alex and Steve Michaelsen after recognizing that hydration products had remained largely focused on athletic performance while millions of consumers were struggling with everyday hydration challenges that impacted focus, stress, energy, and overall wellbeing. Their vision was to create a hydration brand built for modern lifestyles rather than sports performance, pairing healthy ingredients with a brand experience that felt approachable, creative, and enjoyable.
Since launching, Leisure has grown into one of the fastest-rising hydration brands in the country, securing placement in major retailers including Whole Foods Market, Target, and H-E-B while expanding into thousands of retail locations nationwide.
Joining Alex is Ryan Springer, Co-Founder and Managing Partner at Midnight, a consumer-focused venture capital firm investing in the next generation of wellness and consumer brands. Ryan and the Midnight team first met the Leisure founders years before investing, providing a unique perspective on how founder-investor relationships develop over time and what ultimately drives conviction from an investment standpoint.
Together, Alex and Ryan share the story behind Leisure's fundraising journey, why relationship-building matters more than most founders realize, and what both founders and investors should be looking for when evaluating long-term partnerships.
Listen in as they cover:
· The founding story behind Leisure Hydration
· Why modern hydration needed a new approach
· How Leisure built traction before major retail expansion
· The unconventional strategies that helped the brand grow
· Building relationships with investors years before fundraising
· What Midnight saw in Leisure early on
· The role of trust and consistency in fundraising
· Lessons learned navigating multiple fundraising rounds
· Why founders need curiosity and a willingness to learn
· What investors really look for when evaluating emerging brands
· How Leisure secured national distribution at Whole Foods
· The importance of creating a differentiated brand in a crowded category
· Advice for founders raising capital in today's market
· Why investor-founder alignment matters after the deal closes
· The future vision for Leisure Hydration
Whether you're preparing for your first raise, navigating retail growth, or trying to understand how investors think about emerging brands, this episode offers valuable insights from both sides of the table.
Episode Links:
Leisure Hydration Website:
https://www.drinkleisure.com
Leisure Hydration Instagram:
https://www.instagram.com/drinkleisure
Alex Michaelsen on LinkedIn:
https://www.linkedin.com/in/alex-michaelsen-35b395162/
Midnight Website:
https://www.midnight.vc
Ryan Springer on LinkedIn:
https://www.linkedin.com/in/ryan-springer-466a02aa/
Don't forget to leave a five-star review on Apple Podcasts or Spotify if you enjoyed this episode. For potential sponsorship opportunities or to join the Startup CPG community, visit http://www.startupcpg.com.
Show Links:
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- Episode music by Super Fantastics
